Page 12 - WTW Asia Insurance Market Report
P. 12

Forensic Accounting and Complex                                 Forensic accountants work across all geographic locations,
Claims (FACC):                                                  industries and specialties in the quantification of economic
                                                                damages by using consistent and proven protocols to
Businesses today operate in an increasingly dynamic,            present information to insurers credibly and receive
complex and interconnected world. In this business              satisfactory and timely payment of claims.
environment, the insurance claim process can be lengthy
and fraught with complications if it is not handled correctly.  In August 2015, an explosion in the port of Tianjin caused
As Business Interruption insurance penetration increases        widespread damage and disruption to the world’s fourth
in Asia, so does the demand for the skills of specialist        largest port. Though the anniversary of the incident has
forensic accountants, both in claims quantification and         passed, losses in hundreds of millions of dollars take
in ensuring that the correct pre-loss product is provided.      time to resolve given the complexity of the business.
Furthermore, natural catastrophes are prevalent in this part    Furthermore, there are numerous claims for property
of the world and pose a significant threat to businesses.       damage due to the destruction of vehicles stored at
The lessons learnt from the Thailand floods and                 the port, diminution in value of repair vehicles, business
Japanese Earthquake in 2012, amongst others, were that          interruption and extra expenses. Tens of thousands of
businesses need assistance through the claim process            vehicles stored at the port were scrapped or repaired and
after catastrophic events to help them get back on their        sold at a discount. A number of WTW FACC consultants
feet. There is a need to simplify the claim process in order    from Singapore and New York have been working with
to speed up the process of returning to normal business         the insured to calculate and support all losses suffered,
activities as well as quantify loss amounts and obtain cash     liaising with the loss adjusters and their consultants and
advances to minimise overall business disruption.               responding to numerous requests for information.

                                                   Commercial    Fidelity/Bond/
                                                   Insurance     Crime/Cyber


Subrogation                                        Forensic      Commercial
Claims/                                            Services      Damage/
Uninsured                                                        Business
Losses                                                           Disputes

                                      3rd Party &                Product Recall/
                                      Liability                  Product Liabillity
12                          Related
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